Hospitality Revenue Management / 174 Quizzes with Certified Ans Revenue
management is the act of directing sources of income within the confines of -
Answer: capacity, supply and demand GOPPAR takes into account which of
the following variables that is
Revenue management is the act of directing sources of income within the confines of -
(answers)capacity, supply and demand
GOPPAR takes into account which of the following variables that is not considered in RevPAR?
- (answers)Controllable expenses
Name revenue optimization strategies - (answers)Market segmentation, Duration control , BAR
(Best Available Rate)
Legoherel, Poutier, & Fyall point out that revenue optimization is not only about product
versioning, distribution channel selection, and pricing, but also - (answers)careful selection of
the most profitable customers
The net value achieved by a seller and a buyer in a business transaction - (answers)Profit
A Barter System is a - (answers)Trading system in which goods and services are exchanged
without the use of money.
The area of study concerned with the production, consumption, and transfer of wealth is called -
(answers)Economics
The purpose of successful hospitality businesses is to - (answers)Provide profits to its customers
and increase their wealth.
,The individual or team responsible for ensuring that a company's prices match a customer's
willingness to pay. - (answers)Revenue Manager(s)
A revenue management philosophy that places customer gain ahead of short term revenue
maximization in revenue management decision making is called - (answers)Customer-Centric
Revenue Management
A source of business customers or vehicle used to communicate with a source of customers is
called a - (answers)Channel/Distribution Channel
Constrained Supply is the condition that exists when - (answers)Sellers cannot readily increase
the amount of products or services available for sale when consumer demand for them increases
What is the difference between a Hard Constraint and a Soft Constraint? - (answers)Hard
Constraint: a supply constraint that cannot be removed, regardless of product demand. Ex: hotel
rooms, capacity of natural gas pipelines
Soft Constraint: a supply constraint that can, with sufficient lead time, and/or reasonable
expense, be removed or lessened. Ex:
A demand based revenue management strategy, first initiated by commercial airline companies.
It seeks to maximize income via manipulation of selling prices. - (answers)Yield Management
Accepting reservations for more rooms than a hotel has available or in inventory is known as -
(answers)Overbooking/Overselling
A group of similar and directly competing lodging properties to which an individual hotel's
operating performance is compared is called - (answers)Competitive Set
A Market Segment is - (answers)A subset of a customer group that can be readily identified by
one or more common, but individual customer characteristics. Ex: Income, gender, or purpose of
travel.
,A summary report describing the amount of future demand for a lodging property's rooms or
services and the rate at which that business is bung captured is called a - (answers)Pace Report
Rack Room Rates are - (answers)The price of rooms when no discounts of any type are offered
to guests purchasing the rooms
The advertising and promotion of travel and tourism activities in a specifically designated
geographic area is called - (answers)Destination Marketing
A Target Market consists of - (answers)Potential customers to whom a business' marketing
activities and message are directed.
Price is a measure of - (answers)The value given up (exchanged) by a buyer and a seller in a
business transaction.
In the consumer's mind, value for the product is equivalent to - (answers)perceived benefit minus
the price
The minimal sales point is equivalent to - (answers)the dollar sales volume at the break even
point (revenue - cost = 0)
If the quality of the product increases and price decreases, value for the customer -
(answers)increases
If the service increases and price decreases, value for the customer - (answers)increases
Match the product sold with the pricing terminology
Guest rooms
, Meeting rooms
Special guest services
Games of chance
Transportation
Admission - (answers)Room rate
Room rental
Service charge
Minimum bet
Fare
Ticket price
The shoulder period refers to - (answers)the period of lowest demand
The term for the price that consumers perceive to be the "normal" price is: - (answers)Reference
price
If the service increases and price decreases, value for the customer - (answers)increases
Which of the following has a higher Net ADR Yield?
management is the act of directing sources of income within the confines of -
Answer: capacity, supply and demand GOPPAR takes into account which of
the following variables that is
Revenue management is the act of directing sources of income within the confines of -
(answers)capacity, supply and demand
GOPPAR takes into account which of the following variables that is not considered in RevPAR?
- (answers)Controllable expenses
Name revenue optimization strategies - (answers)Market segmentation, Duration control , BAR
(Best Available Rate)
Legoherel, Poutier, & Fyall point out that revenue optimization is not only about product
versioning, distribution channel selection, and pricing, but also - (answers)careful selection of
the most profitable customers
The net value achieved by a seller and a buyer in a business transaction - (answers)Profit
A Barter System is a - (answers)Trading system in which goods and services are exchanged
without the use of money.
The area of study concerned with the production, consumption, and transfer of wealth is called -
(answers)Economics
The purpose of successful hospitality businesses is to - (answers)Provide profits to its customers
and increase their wealth.
,The individual or team responsible for ensuring that a company's prices match a customer's
willingness to pay. - (answers)Revenue Manager(s)
A revenue management philosophy that places customer gain ahead of short term revenue
maximization in revenue management decision making is called - (answers)Customer-Centric
Revenue Management
A source of business customers or vehicle used to communicate with a source of customers is
called a - (answers)Channel/Distribution Channel
Constrained Supply is the condition that exists when - (answers)Sellers cannot readily increase
the amount of products or services available for sale when consumer demand for them increases
What is the difference between a Hard Constraint and a Soft Constraint? - (answers)Hard
Constraint: a supply constraint that cannot be removed, regardless of product demand. Ex: hotel
rooms, capacity of natural gas pipelines
Soft Constraint: a supply constraint that can, with sufficient lead time, and/or reasonable
expense, be removed or lessened. Ex:
A demand based revenue management strategy, first initiated by commercial airline companies.
It seeks to maximize income via manipulation of selling prices. - (answers)Yield Management
Accepting reservations for more rooms than a hotel has available or in inventory is known as -
(answers)Overbooking/Overselling
A group of similar and directly competing lodging properties to which an individual hotel's
operating performance is compared is called - (answers)Competitive Set
A Market Segment is - (answers)A subset of a customer group that can be readily identified by
one or more common, but individual customer characteristics. Ex: Income, gender, or purpose of
travel.
,A summary report describing the amount of future demand for a lodging property's rooms or
services and the rate at which that business is bung captured is called a - (answers)Pace Report
Rack Room Rates are - (answers)The price of rooms when no discounts of any type are offered
to guests purchasing the rooms
The advertising and promotion of travel and tourism activities in a specifically designated
geographic area is called - (answers)Destination Marketing
A Target Market consists of - (answers)Potential customers to whom a business' marketing
activities and message are directed.
Price is a measure of - (answers)The value given up (exchanged) by a buyer and a seller in a
business transaction.
In the consumer's mind, value for the product is equivalent to - (answers)perceived benefit minus
the price
The minimal sales point is equivalent to - (answers)the dollar sales volume at the break even
point (revenue - cost = 0)
If the quality of the product increases and price decreases, value for the customer -
(answers)increases
If the service increases and price decreases, value for the customer - (answers)increases
Match the product sold with the pricing terminology
Guest rooms
, Meeting rooms
Special guest services
Games of chance
Transportation
Admission - (answers)Room rate
Room rental
Service charge
Minimum bet
Fare
Ticket price
The shoulder period refers to - (answers)the period of lowest demand
The term for the price that consumers perceive to be the "normal" price is: - (answers)Reference
price
If the service increases and price decreases, value for the customer - (answers)increases
Which of the following has a higher Net ADR Yield?
